Unlike earlier, people now are more fashion conscious. Gone are the days when only people belonging to the high society used to follow fashion trends. The wind of change in clothing and fashion is here. Now even middle-class people are fashion conscious. Thanks to the ever changing and vibrant fashion industry that has pinched the market by introducing stylish clothes at affordable prices.
Moreover, the purchasing power of the people has also improved with a double salaried family. But the shopping experience of men and women differ so much. When women like to relish and explore their shopping journey. Men are just the grab and go type shopper. Though different gender response to shopping in a different way, the truth is that fashion ecommerce has infected the life of everyone when it comes to shopping.
Fashion ecommerce companies are the not only the future of ecommerce domain but also has the capability to change the face of retail sector forever. With the advent of fashion ecommerce companies, the retail sector is witnessing growth which is predicted to further increase with time. Therefore, a massive growth of the retail sector has been foreseen if the online shopping spread its wings and more dominant. So, we can say that the future of retail sector lies in the hands of fashion ecommerce companies. Here are the reasons why!
Foray of Investors
Witnessing the growth of fashion ecommerce, more and more investors are foraying into this domain. They are so confident about the growth of fashion ecommerce domain that they don’t give a second thought to invest. It has been noticed that shoppers have turned to online shopping instead of in-store shopping for buying clothes, accessories, and footwears. Lately, it is reported that the number of online shoppers has increased by 45 percent. Moreover, 64 percent of the shoppers prefer online availability of the products before going for in-store shopping. The signs are very positive and eyeing the immense growth prospects big investors are foraying into the fashion ecommerce field.
The strongest drawback of online shopping is unable to try the products for size, touch and feel before buying. This repels most of the buyers from buying products online. Many buyers are reluctant to buy products online due to the hassle attached to returning and getting the refund if the products don’t fit them. Therefore, the maximum number of buyers prefers store shopping in place the online purchase. To cater this section of the shoppers, ecommerce companies are coming up with innovative technologies.
Technologies like augmented reality are being implemented by the ecommerce companies to provide shoppers a smoother and real shopping experience. Augmented reality enables the buyers to have a closer look and feel of the product before they cart them. The virtual 3D form of the products helps to visualize the buyers in terms of size, color, and fabric. Other technologies that are on the e verge of invading the fashion ecommerce are Virtual Reality, Internet of things in Fashion, and voice interface.
Sometimes it is necessary to take the ideas and suggestion of your friends and family while shopping. It might have happened many times with you when you get confused which color or style of cloth to buy. While shopping in the store or mall, you can accompany your friend or family to solve this issue for you. But in the case of online shopping, you get stuck if you are in doubt as online shopping doesn’t give the opportunity to take other’s suggestion.
However, ecommerce giants are working on to solve this issue. Recently, many ecommerce companies have introduced things like reviews, forums, Q&A pages, and user generated content. With all these additions, customers can interact with influencers and other customers to make a buying decision.
It has been reported that most of the buyers read the product reviews before purchasing a product online. According to a survey, in 2016, 84 percent of the buyers referred to product reviews just like a personal recommendation before buying a product.
Many people stay away from shopping clothes due to the budget problem. Either they can’t afford expensive clothes or just don’t have disposable income to spend on shopping clothes and accessories. Therefore, to solve this problem and to reach even the low-income group of buyers, ecommerce company can use the concept of sharing economy. This concept allows the customers to rent dresses on the online marketplace.
This concept not only benefits customers but also ecommerce companies by reducing the hassle of logistics. Companies are also benefited by the reduction of return expenses and improvement in the sales.
So, the sharing economy is not only limited to the online cab booking giants like Uber and Ola, it can also be successfully implemented in the fashion ecommerce domain to fuel its growth and success. This a wakeup call for all the ecommerce companies who might be going through limited profit margin. Implement sharing economy concept and watch your business flourish like never before.
Social Media Touch
Social media platforms are driving business and fuelling the growth of many companies. Nowadays, there are hardly any companies which don’t have a social media presence. It is such an effective marketing tool that every fashion ecommerce retailers are using a social media platform to drive the sale.
Social media is a great platform where shoppers can interact and discuss the products they are planning to buy. Even the ecommerce companies find it very easy to reach the target audience with help of social media platforms. The interactive and visual nature of social media platforms helps immensely to entice the prospective buyers.
Here are some other benefits of using social media platforms:
- It is easy to start a campaign on the social media platforms. Advertising and marketing are less expensive in social media platforms compared to the conventional advertising and marketing techniques.
- Social media messages have better chances of reaching the audience with multiple effects than other messaging techniques like TV, radio or newspaper.
- Buyers find the platform easy and fast to interact with other buyers before making a buying decision.
- Last but not the list, social media platform has great potential to bring organic traffic to the ecommerce websites.
Fashion is continuously evolving and making its strong presence in the global market. Currently, fashion ecommerce companies are enjoying the bigger pie of the market share. It is not wrong to say that fashion ecommerce is the future of retail growth as they are propelling and bringing the major chunk of business to the sector. As a fashion ecommerce company, you should also focus on the new technologies and advancement to drive a successful business venture.